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Top 10 US Ideas Quarterly
document IMAGES-003-HOUSE_OVERSIGHT_014623.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e list after consulting our Equity Research colleagues. To be eligible for the list, the stock must be covered by BofA Merrill Lynch AMRS fundamental equity analysts with a rating of Buy or Underperform, for long and short stock recommendations, respectively. Stocks will be cho...

Underweight Retail
document IMAGES-003-HOUSE_OVERSIGHT_014490.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… largely been at Asda’s expense 8.3% 7.8% 7.3% ——Retail EBITDA margin 6.8% PP FF FF gh gh gh gh gr gh gh Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury'...

Chart 50: Utilities relative PE close to the 2013 low Chart 51: Chemicals / Industrials — re-rated b
document IMAGES-003-HOUSE_OVERSIGHT_014484.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…0 ——— German 10y (RHS, inverted) 40 0.95 01/10 01/11 O12 0193 0194 O15 01/16 01/08 01/10 01/12 01/14 01/16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Source: BofA Merrill Lynch Global Research, Datastream, IBES UK —- Waiting for Brexit It’s useful to think abo...

In other words, 2Q17 marks the low point in oil and gas production, with
document IMAGES-003-HOUSE_OVERSIGHT_014876.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…0E 2020E 4Q21E 3Q22E m Guyana m Utica m NMB Valhall m Stampede gJDA mEG m Other GoM mOther/base mBakken Source: BofA Merrill Lynch Global Research estimates Critically, Hess has multiple levers to pull that reverse production declines as cash becomes available from completion...

Global Cross Asset Strategy —- Year Ahead Bankof America
document IMAGES-002-HOUSE_OVERSIGHT_014432.txt Nov 30, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ed as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. This document is intended for BofA Merrill Lynch institutional inv...

Overall, we find it hard to argue that sectors haven’t moved a long way already from a
document IMAGES-003-HOUSE_OVERSIGHT_014483.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…hCare = a Basics oo. / -20 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Relative PE - percentile since 1999 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 48: Financials valuations have recovered significantly relative to Chart 49: Rapid relative de-rating for...

Concerns over stagflation return
document IMAGES-003-HOUSE_OVERSIGHT_014722.txt Oct 1, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…16 10/26/2016 += 11/20/2016 += 12/15/2016 + —1/9/2017 2/3/2017 = 5y real yields (%) = ===~=5y infl BE (%) Source: BofA Merrill Lynch Global Research The effect of the divergence between real yields and inflation breakevens has been felt across financial markets. For example, th...

Unauthorized redistribution of this report is prohibited. This report is intended for amanda.ens@bam
document IMAGES-002-HOUSE_OVERSIGHT_014424.txt Mar 2, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ed as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers cove...

Drilldown on USA Inc. Financials
document IMAGES-006-HOUSE_OVERSIGHT_020849.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Drilldown on USA Inc. Financials... e To analysts looking at USA Inc. as a public corporation, the financials are challenged - Excluding Medicare / Medicaid spending and one-time charges, USA Inc. has supported a 4% average net margin’ over 15 years, but cash flow is deep in th...

Drilldown on USA Inc. Financials
document IMAGES-006-HOUSE_OVERSIGHT_021061.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Drilldown on USA Inc. Financials... e To analysts looking at USA Inc. as a public corporation, the financials are challenged - Excluding Medicare / Medicaid spending and one-time charges, USA Inc. has supported a 4% average net margin’ over 15 years, but cash flow is deep in th...

Fla. Dec. 14, 2010), ECF No. 3, available at http://wwwjustice.gov/
document IMAGES-007-HOUSE_OVERSIGHT_022615.txt Dec 14, 2010 House Oversight Committee — Epstein Estate Records (Nov 2025)

113 Fla. Dec. 14, 2010), ECF No. 3, available at http://wwwjustice.gov/ criminal/fraud/fcpa/cases/granados-jorge/ 12-21- 10granados-indict.pdf. 194 See Deferred Pros. Agreement, United States v. Snamprogetti, supra note 60, ECF No. 3, available at hetp://www.justice.gov/criminal...